◀ Anchor ▶
About 60 executives, including the chairman of POSCO, have been accused of buying stockholders by illegally using inside information.
It is noteworthy whether Chairman Jeong-woo Choi’s reappointment will act as a variable with the expected shareholders’ meeting at hand.
Reporter Yoon Soo-han reports.
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Last April, when the global steel industry was in a slump due to the aftermath of Corona 19.
POSCO announced that it would buy 1 trillion won worth of treasury stock.
It means to defend against the plunging stock price, but the’buy of treasury stock’ is usually a good news for the market.
On the day of the announcement, POSCO’s stock price surged more than 8% immediately.
However, suspicions arose when it was revealed that POSCO executives, including Chairman Jeong-Woo Choi, purchased the company’s stock before the announcement.
Wasn’t it possible to invest in knowing and investing in undisclosed inside information?
[노웅래/더불어민주당 의원(2월 22일)]
“What happens when we announce a large-scale treasury stock purchase? Does the stock price rise? Company-level treasury stock purchase. As the chairman, I must have known in advance.”
All of the stocks purchased by 64 POSCO executives, including Chairman Choi and Vice President Jeon Joong-seon, are around 19,000 shares.
It was intensively purchased two weeks to a month before the announcement of the treasury stock purchase plan.
An average of around 50 million won per individual has been invested, and the stock price has nearly doubled in a year.
Civic groups, including the Participation Solidarity, have accused them of violating the Capital Markets Act to the prosecution.
[김종보 변호사/ 민주사회를위한변호사모임]
“Even though we are planning to purchase treasury shares, it would be an act of using undisclosed information to acquire POSCO shares just before that.”
POSCO immediately denied the allegations of executives.
“At the time, the resolution to buy treasury shares was urgent and the executives could not know,” he refuted.
“Amid a sharp decline in stock prices, executives voluntarily bought stock to show their commitment to responsibility.
He explained that he was not aiming for a market price margin because it is in possession.
Chairman Jeong-woo Choi, who was solely recommended as the candidate for POSCO’s next chairman, is expected to be reappointed at the shareholders’ meeting on the 12th.
This is Suhan Yoon at MBC News.
(Video coverage: Jung Inhak/Video editing: Woo Sungho)
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